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Oil and Gas Investing 5 Biggest ASX Oil and Gas Stocks in 2025
Oil and gas are key energy fuels, and ASX-listed Australian oil and gas companies could benefit from their price moves.
For the most part, 2024 was a volatile year for both the oil and gas markets. In the first half of the year, oil prices were riding an uptrend, spurred on by rising tensions in the Middle East amid tightening supply.
However, after prices peaked at US$91.70 per barrel in early April, demand-side challenges weighed oil down, with levels sinking to US$77 in early June. In the second half of the year, oil prices took a hit as global economic uncertainties continued to grow.
By September 10, oil fell to a year-to-date low of US$69.09 as investors anticipated interest rate cuts in the US and the Israel-Hamas war continued to threaten supply chains. Weakness in demand from China also suppressed oil prices. By late December, prices were holding in the US$72.40 range and climbed higher into early January. As of late March, prices were back to about US$73.50.
Meanwhile, natural gas prices experienced a sharp six month decline starting in November 2023. The fall came on the back of a shift in mature markets, including the Asia Pacific region, Europe and North America, which are experiencing reductions in gas demand as they seek alternatives like renewables and pursue improved energy efficiency.
In mid-2024, natural gas prices surged to US$3.12 per million British thermal units based on increased demand during above-normal temperatures, but they pulled back in the third quarter to below US$2. However, seasonal demand amidst colder weather pushed natural gas prices up in the fourth quarter to flirt with the US$4 level in late December, and they climbed even higher in Q1 2025 to reach a two-year high of US$4.49 in mid-March.
The oil and gas outlook for 2025 is for both these commodities to continue facing market volatility as geopolitical and global economic uncertainties persist. And, of course, Donald Trump's presidency in the US will likely throw the market a few curveballs. Nevertheless, analysts remain confident in the resiliency of this sector.
For investors looking to enter the oil and gas sector, what's the best way to get exposure on the ASX? Learning about the biggest ASX oil and gas companies by market cap is a good place to start. Data for the ASX oil stocks list below was obtained on March 20, 2025, using TradingView’s stock screener. All market cap and share price data was accurate at that time.
1. Woodside Energy Group (ASX:WDS)
Company Profile
Market cap: AU$43.32 billion
Share price: AU$22.94
As the biggest ASX-listed oil and gas stock by market cap, Woodside Energy Group leads the country in natural gas production and is considered a pioneer in Australia’s liquefied natural gas (LNG) industry.
In June 2022, Woodside Petroleum merged with BHP's (ASX:BHP,NYSE:BHP,LSE:BHP) oil and gas business to form Woodside Energy Group. The new company's natural gas production accounts for 5 percent of global LNG supply.
The company reported in June 2024 that it had achieved first production at the Sangomar project in Senegal, the country's first offshore oil project. Its standalone floating production storage and offloading facility has a nameplate capacity of 100,000 barrels per day. Woodside continued ramping up production throughout the year, reporting record output levels by the third quarter.
In December 2024 Woodside agreed to an asset swap with Chevron's (NYSE:CVX) indirect subsidiary Chevron Australia that is expected to close in 2026, "subject to the completion of Julimar Phase 3 Project execution and handover."
Under the agreement, Woodside would acquire Chevron Australia's interest in several projects in Western Australia in which Woodside already holds interest, namely the North West Shelf project, the North West Shelf oil project and the Angel carbon capture and storage project. These would bring Woodside's interests to 50 percent, 66.7 percent and 40 percent respectively. Chevron Australia will also pay Woodside up to US$400 million reliant on certain milestones.
In exchange, Chevron would receive Woodside's 13 percent non-operating interest in the Wheatstone project and 65 percent operating interest in the Julimar-Brunello project.
With Sangomar in production, Woodside achieved a net profit after tax of US$3.57 billion for 2024, up 115 percent over the previous year.
2. Santos (ASX:STO)
Company Profile
Market cap: AU$20.61 billion
Share price: AU$6.46
Australian energy company Santos is the operator of multiple joint ventures with significant LNG production, including the Papua New Guineau LNG project and the Gladstone LNG project in Queensland, Australia. The company supplies its products to markets located across Australia and Asia.
In May 2024, the company secured a binding 10 year LNG supply and purchase agreement with Japan's Hokkaido Gas Co. (TSE:9534) for approximately 400,000 tonnes of LNG per year starting in 2027. The company ended the year with the signing of a long-term LNG supply contract with Japanese utility company Shizouka Gas.
Along with its joint venture partners ExxonMobil (NYSE:XOM), Kumul Petroleum Holdings, Mineral Resources Development Company and JX Nippon, Santos brought the Angore LNG project, part of Papua New Guineau LNG, into production in November 2024.
In its report for 2024, Santos highlighted strong free cashflow of US$1.9 billion and sales revenue of US$5.4 billion for the year.
In March 2025, Santos shared news of a new oil discovery on Alaska’s North Slope from the Sockeye-2 exploration well in which the company holds a 25 per cent stake through a joint venture.
3. Beach Energy (ASX:BPT)
Company Profile
Market cap: AU$3.29 billion
Share price: AU$1.435
Oil and gas exploration and production company Beach Energy has a diverse portfolio, with onshore and offshore oil and gas production in five basins across Australia and New Zealand.
In 2023, the company made gas discoveries at both Tarantula Deep 1 and Trigg Northwest 1 as part of its ongoing Perth Basin gas exploration campaign. During its 2024 fiscal year, Beach Energy posted AU$1.8 billion in sales revenue, up 9 percent year-on-year. The increase came despite a 7 percent decrease in production to 18.2 million barrels of oil; according to the firm, the decline was mainly due to lower customer gas nominations.
For its H1 2025 fiscal year results, Beach Energy reported that sales revenues of AU$990 million, up 5 percent over the same period in the previous year. Production for the half year was up 15 percent to 10.2 million barrels of oil.
Looking ahead, Beach Energy is targeting Q4 of the calendar year 2025 for first gas sales at its Waitsia gas plant, which is currently in the commissioning phase.
4. Viva Energy Australia (ASX:VEA)
Company Profile
Market cap: AU$2.79 billion
Share price: AU$1.785
Viva Energy Australia owns the Geelong oil refinery and distributes Shell (NYSE:SHEL,LSE:SHEL) fuels throughout Australia. The firm oversees a vast network of over 1,300 Shell and Liberty service stations nationwide.
In its fiscal year 2024 financials, Viva Energy highlighted that its commercial and industrial segment delivered a fourth consecutive year of earnings growth, with an earnings before interest, taxes, depreciation and amortization (EBITDA) up 5 percent to AU$469.9 million. The company attributed the growth to strong demand from the aviation, resource, agriculture and defence sectors.
The company’s energy and infrastructure segment reported an EBITDA of AU$94.3 million in its fiscal year 2024, up 44 percent on lower levels of maintenance and improved operating performance.
5. Karoon Energy (ASX:KAR)
Company Profile
Market cap: AU$1.21 billion
Share price: AU$1.63
Karoon Energy is focused on continued company growth through a broad pipeline of exploration and development projects in Brazil, including its producing Baúna and Piracaba oil fields.
In December 2023, Karoon completed its acquisition of interests in the US Gulf of Mexico from LLOG, including a 30 percent working interest in the Who Dat and Dome Patrol oil and gas fields and associated infrastructure, as well as a nearly 16 percent working interest in the Abilene field and varying interests in adjacent exploration acreage.
In its full year 2024 report, Karoon outlined record production volume on a net revenue interest (NRI) basis of 10.4 million barrels of oil equivalent, up 14 percent over the previous year. Sales revenue for the period was also up 14 percent, totalling US$776.5 million.
In February 2025, Karoon announced the sale and purchase agreement for the acquisition of the Baúna Cidade de Itajaí floating production, storage and offloading facility in Brazil for US$115 million. The goal of the purchase is to return to reliable production from its Baúna project.
FAQs for oil and gas investing
What is crude oil?
Crude oil is a mixture of hydrocarbons in liquid form that is found in natural underground reservoirs in the Earth's crust. This petroleum liquid is refined to produce a variety of energy and industrial products, including asphalt, diesel and jet fuels, gasoline, heating oils, lubricants and propane.
Does Australia have oil?
Geoscience Australia states that Australia hosts about 0.3 percent of global oil reserves.
“Most of Australia's known remaining oil resources are condensate and liquefied petroleum gas associated with giant offshore gas fields in the Browse, Carnarvon and Bonaparte basins,” according to the government agency.
Where does Australia get its oil?
In addition to producing it domestically, Australia receives oil imports from Singapore, South Korea, China, Malaysia and India, because Australia’s domestic oil production does not cover its oil consumption.
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